SBI: Facing Resistance @ 200 DMA

SBI Daily NSE Stock Chart Technical Analysis:


SBI did a gap-up on 24th and remained rangebound on 25th.  The stock price has faced resistance from the 200 DMA on both these days.

Close & CMP: 2678

Market Outlook:

• The price has been in an overall bear run since November '10.  The announcement of the quarterly results on 24th Jan '11 led to a gap-up opening and rally.  However this seemed unsustainable on 25th.  Don't buy this stock yet, there may be further downside possible.
• २४ जनुअरी को रिजल्ट आने के कारण एस बी आई के भाव में काफी उछाल आया था, लेकिन २५ को फिर से भाव धीमा पड़ गया था.  अभी इस स्टॉक को न खरीदें, २-३ दिन रुक कर देखें, क्यूंकि यह अभी और नीचे भी जा सकता है.

Technical Indicators:

• The price has run into resistance from the 200 DMA at Rs 2694.  The price is trading under its 200 DMA after an entire year.
• Though there was a gap-up on 24th, it seems doubtful if that will be the beginning of a bull run.  Only if the price closes above the 200 DMA for the next couple of trading sessions and the force shows strength, we can think of it as an oncoming upswing.

SBI Daily NSE Stock Chart Technical Analysis

SBI on Support Line @2574

STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis:


SBI began its fall in early November 2010, and has been continuously falling since (except for a small correction a few days back).

Close & CMP: 2600

Market Outlook:

• The price broke through 2 levels of support since the beginning of 2011.
• The price has found support at 2574.
• Next week, it seems like the price will go up again or remain sideways, after reaching this support level.
• But overall, I am not bullish on SBI anymore for the coming few weeks.

Technical Indicators:

• Today the price movement formed a spinning top candlestick and also made an intraday low on its support line.  Both of these indicate that this support is showing strength and could prevent further downfall of the SBI stock price.
• The price made 2 bearish breakouts in the last 4 days.  The price fell through its one-year old diagonal support line.
• The stock is deeply underbought, indicating that there could be a rise or atleast the further fall could be stopped for a few days.
• Only if the price goes above 2770, one can look at SBI positively again for purchase.

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STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis

SBI on Support Line

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SBI Daily NSE Stock Chart Technical Analysis

SBI continued a sideways pattern today, which is a relief considering it had a big fall last week.

Close & CMP: 2763

Market Outlook:

• The price seems to be making a correction here and should most probably rise higher on Monday.
• If the price shows upward movement on Monday, then enter quickly.  The targets are as follows:  First target is at 2865 and second target is at 2915.
• How far up the stock will go, there are no signs showing that as of yet.

Technical Indicators:

• There are 3 different support lines.  Fortunately, SBI is taking the one that's going upwards.
• The stock price is deep into oversold levels and there is very high interest in the stock, both indicators that this could rise further. 

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SBI Daily NSE Stock Chart Technical Analysis

SBI Rising: Gap-Up: How far will it go?

SBI Daily NSE Stock Chart Technical Analysis:

State Bank of India stock price on NSE jumped and opened gap up.  It ran crazy throughout the day in only one direction - upwards.

The price opened at Rs 3298 and closed at Rs 3433.45, a big jump.

I'd gone long on 25th Oct 2010 at Rs 3220, based on my analysis of 22nd Oct 2010.  This has paid off well, even though it seemed for a moment that my stop at Rs. 3065 will get hit.  But it didn't, and I'm enjoying this bull run thoroughly and waiting for a sell signal to encash my profit!

Market Outlook:  The price will climb up tomorrow as well, but not more than 30 points, and will close below 3465.  After that, the market will go sideways and bounce off the price channel support.

How far will this bull run go? If all other variables remain the same, this will last for about 3-4 more months.

Technical Indicators:

Big gap up and bull run through out the day, a Marabozu candlestick.

Price is moving in a channel as visible on the chart.

SBI Weekly: 25 to 29 Oct 2010: Fat Bearish Spinning Top Candlestick

The week for the SBI stock on NSE ended with an indecisive bearish candlestick.  The candle looks similar to a bearish spinning top, though not exactly fitting into the description.

There is also the formation of a long term price channel and the SBI stock price on NSE hit the resistance formed by this and slowly retracted all of October 2010.

Other indicators have also turned bearish.

Seems like another bearish week ahead for SBI.  Hopefully the market will break its indecisiveness soon and a new trend will emerge. I'll keep you updated on the same.

SBI forms Morning Star

I was short on SBI at 3200 with a target of 3050.  

But the stock has formed a morning star on 21 Oct 2010 which is a bullish reversal pattern.  Today, chart shows a doji.  If the market opens up tomorrow and trades with good volume for part of the day, I'll liquidate my short position and not wait for my stop to get hit.

Chart Source: in.reuters.com

SBI Misses Target and Rises Back

SBI was so close to the first target yesterday, but missed and went up again today.  Volume is also good, other indicators are also showing upward possibility, so the trend may continue tomorrow.

I can also notice that the price has tried to reach its long term diagonal line of support as well as its short term horizontal line of support, which merge in a triangle formation near today's close.

With a stop near 3350 levels, I'll wait and see where this goes.

Chart Source: www.moneycontrol.com

SBI Very Close to 1st Target

SBI stock on NSE missed my first target of 3050 by just 26 rupees today.

Seems like it will hit tomorrow.  Fingers crossed.

Chart Source: www.moneycontrol.com

SBI Continues to Fall towards target

SBI did not open gap down as I expected, but has fallen further today.  

I am short at 3200 with a safe target at 3050, indicated by the horizontal line.

I'll dissolve some position at this level just to be safe and wait for further fall till the indicators tell me that the market is going up again.

Chart Source: www.moneycontrol.com

SBI seems all set to fall following divergence.  I am going short on market opening with a stop around 3350 levels.  The market may even open gap down on Monday.

Chart Source: in.reuters.com